Tom Lee's BitMine tops 6 million ETH after 17,362 ETH weekly buy
In brief
- BitMine bought 17,362 ETH worth $46.82 million over the prior week, Lookonchain data showed.
- BitMine's holdings passed 6 million ETH, worth about $16 billion, U.Today reported.
- BitMine's treasury equals 4.9% of Ethereum's circulating supply, according to U.Today.
- Ethereum had slipped below a recent high of around $2,700 before the buy.
BitMine passes 6 million ETH
U.Today reported that, following the latest purchase, BitMine's Ethereum holdings surpassed 6 million ETH. The outlet valued that stack at about $16 billion at ETH's market price at the time of reporting. That's a lot of ETH for one balance sheet.
It's also a sizable slice of the network. By U.Today's count, BitMine's treasury now represents 4.9% of Ethereum's circulating supply.
U.Today described the company as the world's largest Ethereum treasury firm, and BitMine continues to position itself as Ethereum's largest corporate holder. The weekly figure comes from onchain tracking: Lookonchain data showed the 17,362 ETH purchase (worth $46.82 million) over the prior week.
Buying into a slowdown
The buy didn't come on a green week.
Ethereum had slipped back below its recent high of around $2,700 before the purchase, U.Today reported, during what the outlet called a brief crypto market slowdown. That slowdown appears to have sparked some panic among small holders (retail traders in particular), according to the report.
Smaller wallets were nervous. BitMine kept adding ETH anyway. U.Today noted the firm has rarely skipped its weekly Ethereum purchases, and this week's buy kept that pattern intact.
How U.Today read the move
U.Today said the transfer was perceived as part of BitMine's long-term Ethereum accumulation strategy rather than a short-term purchase. That's the outlet's interpretation of the onchain activity; it isn't a company statement, and the report doesn't cite BitMine explaining the rationale.
For anyone tracking corporate crypto treasuries, the figures are what stand out: 17,362 ETH added in a week, more than 6 million ETH held, and 4.9% of circulating supply sitting with one company, all per U.Today and the Lookonchain data it cited.
